Published On: Mon, May 23rd, 2016

Customer exit continues at Royal Bank of Canada after fee increase

BASSETERRE - The exodus of customers from the Royal Bank of Canada (RBC) in St Kitts continues.

On Friday, customers intent on closing their accounts over an impending $25 monthly charge on accounts, filled the bank’s downtown location, the line extending outside and around the corner.

Customers in St Vincent also made a run on the RBTT bank in Kingstown this week as well. Royal Bank of Canada owns the RBTT Financial Group.

WINN FM made inquiries in other territories but so far there have not been similar occurrences reported in neighbouring islands.

According to RBC Caribbean’s website, effective May 23, personal banking and savings accounts will attract an EC$25 (US$9.26) monthly fee. Sixty Plus accounts for senior citizens will charged $12.50 each month, however Leo’s Young Savers accounts for children will not be charged.

Business deposit accounts also will see a service charge of $25.

Customers complained that they received no notice from Royal Bank, which has two branches in St Kitts and one in Nevis.

Police on Friday issued a warning to individuals withdrawing funds from the bank. The authorities are advising persons to safeguard those monies in another financial institution as soon as possible.

According to a police press release, “Taking the money withdrawn from the bank and keeping it around the home, office, under the bed, or on your person and not in another financial institution, is not a wise choice. Burglaries and Larceny are crimes of opportunity.”

Curaçao Chronicle has tried to get in contact with the RBC Bank in Curaçao but to no avail.

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